In a landmark decision in Hong Kong the court of appeal has upheld a ruling to deny a trial by jury to the first person charged under a new national security law.The ruling marks a departure from the global financial hub's common law practice.The lawyer for Tong Ying-kit appealed after a ruling last month said he would face a trial without jury, citing "a perceived risk of the personal safety of jurors and their family members." Police say Tong carried a sign reading "Liberate Hong Kong, revolution of our times" and drove his motorbike into officers during a protest on July 1.They allege he knocked several officers down on a narrow street before falling over and being arrested.It was the first day the security law that Beijing imposed on the city was in force -Targeting what China deems as secession, separatism, terrorism and collusion with foreign forces.The 24-year-old was charged with inciting separatism and terrorism.Hong Kong's Judiciary describes trial by jury as one of the most important features of the city's legal system -a common law tradition designed to offer defendants additional protection against the possibility of authorities overreaching their power.Article 46 of the new law - drafted by Beijing - states three instances in which juries can be scrapped: protecting state secrets, cases involving foreign forces and protecting jurors' safety.Tong has also been denied bail. Under the new law, the burden is now placed on the defendant to prove they will not break the law if released on bail.The trial is due to start on Wednesday (June 23).
The Dow rebounded smartly on Monday from last week's beating, which was the worst all year.Blue chips rallied 586 points in their first up day in six sessions. The S&P 500 gained 58 points. The Nasdaq jumped 111 points.Investors are finding relief in lower bond yields and taking comfort from the Federal Reserve's new stance towards inflation and interest rates.Phil Toews is head of Toews Asset Management."You have to remember that interest rates are only at 1.4 percent - 1.5 percent on the 10 year prior to what we saw in the last 12 months or 16 months, we were never anywhere near those levels. So the economy and stocks can do well if interest rates rise from such low levels. I don't think that's as big of a fear. And I think the fact that the Fed is on top of inflation or appears to be on top of inflation is what's allowing this market to get legs again." Energy stocks were a big winner of the day after a positive call on oil. Bank of America predicted global oil prices will likely average $68 a barrel this year but could surge to $100 next year as demand continues to bounce back. Shares of Exxon Mobil jumped nearly 4 percent.Smith and Wesson shares rallied to an all-time high. Investors continue to buy the gunmaker after it posted strong quarterly results last week. The stock soared 18 percent on Monday.It was a different story for bitcoin. The cryptocurrency slumped after China tightened its grip on digital currencies. Authorities ordered cryptocurrency mining projects closed in the major mining center of Sichuan province. Bitcoin tumbled below $33,000....And that took crypto-stocks down for the ride. Coinbase, the largest publicly traded bitcoin exchange, shed 3 percent.
In a landmark victory for college athletes, the U.S. Supreme court on Monday ruled against the NCAA in its bid to maintain limits on non-cash payments to student-athletes. The court, in a unanimous 9-0 decision, said the NCAA was violating antitrust laws. Justice Brett Kavanaugh delivered a blistering rebuke of college sports’ governing body, writing that the NCAA should not (quote), “build a massive money-raising enterprise on the backs of student athletes who are not fairly compensated. Nowhere else in America can businesses get away with agreeing not to pay their workers a fair market rate…. The NCAA is not above the law.” The NCAA had argued that curbs on non-cash educational perks such as computers, science equipment and musical instruments protect the (quote) “amateur” status of college sports. But critics say that “amateur” status has long been a fantasy, with college sports bringing in billions of dollars in revenue. The case involves athletes at the highest level of college sports: NCAA Division I men's and women's basketball players and the Football Bowl Subdivision. Although it did not involve direct payments to athletes, the wider issue of player compensation - including the ability of schools to profit off of players’ names, images and likenesses - has increasingly become a point of contention.Joining the NCAA in defending the non-cash compensation cap were all of the big-money conferences, including the Big Ten, Southeastern Conference and the Pac-12 Conference.